ITP qualification structure
The ITP qualification can be taken as a standalone qualification or as a dual qualification along with the CA.
Achieving the ITP as a standalone qualification is relevant to both tax professionals in the initial stages of their tax career, and also to those who have been working in tax for some time and wish to consolidate their knowledge and skills. The primary focus of the standalone qualification is taxation, whilst also providing the building blocks of accounting and law required for a tax professional.
There are a variety of different study routes including classroom tuition, revision classes and distance learning. The routes can be mixed and matched to suit all budgets.
Exemptions are available if you are a CA, ACA, ACCA, ATT, CIMA or part qualified CTA.
Principles of Taxation
This paper introduces the key principles of the UK tax system and is designed to allow the progression from this to any of the higher level taxation papers.
The syllabus focuses on the UK tax system, and covers both the rules and best practice relating to professional conduct, ensuring a practical approach from the start.
On successfully completing this course you will be able to calculate straightforward income tax, capital gains tax and corporation tax liabilities and will be introduced to both the VAT and stamp tax systems.
Financial Accounting and Business Law
These papers introduce the fundamental principles of accounting and law that underpin the tax knowledge delivered. Further details can be found in the ITP syllabus.
Taxation of Individuals
This syllabus provides both a breadth and depth of knowledge of all aspects of tax affecting an individual, including those in business.
All areas of income tax and NIC are developed to allow you to provide detailed advice to a taxpayer client. In addition, you will develop your knowledge of capital gains tax, and be introduced to inheritance tax, again with the aim of providing advice to clients.
The broad syllabus also covers pension schemes, investments and international issues.
Taxation of Companies
This paper is designed to ensure that you have the knowledge and skills to provide advice to clients in a corporate environment.
In addition to fully covering all aspects of corporate tax, including group situations, the syllabus explores other issues pertinent to a company such as close companies, investment companies, transfer pricing and the tax treatment of key financial instruments.
You will be exposed to material relating to residence of companies, international trading and double tax relief. The implications of acting as an employer are also covered.
Indirect taxation forms an integral part of the qualification, and this paper focuses primarily on VAT and Custom Duties.
A full working knowledge of VAT principles, calculations and administration is covered on the course, including international trading.
The syllabus provides sufficient technical coverage to allow you to provide advice to businesses on the VAT implications of their transactions, and incorporates material on partial exemption, the capital goods scheme and transactions involving land and buildings.
To complement the other parts of the qualification covering international transactions, this paper provides material on the principles, calculations and payment of Custom Duty.
Test of Professional Tax Expertise
At this level, online material will guide you through the integration of your knowledge from earlier papers to use this in practical situations. You will find out more about working with clients and HMRC, and be introduced to ethical scenarios.
The assessment will involve information on a business situation being provided approximately four weeks before the examination. Prior to the exam the candidate will be required to answer an initial question on the situation, perhaps involving research, and to submit this to ICAS. This will form a portion of the final assessment mark. On the examination day further information on the client situation will be provided and the candidate will be required to provide integrated tax advice, forming the remainder of the assessment marks.
When combined with the CA qualification, the ITP offers the chance to achieve a dual accounting/tax qualification using a consistent approach provide by one Institute. It will deliver the breadth of technical knowledge and the application of skills expected of a charted accountant, couple with deep tax knowledge and skills.
As a CA, you hold one of the most prestigious professional accountancy qualifications available. The addition of the ITP designation recognises your skills as a 'world class' tax professional and enters you into an exclusive community of tax professionals.
Become an ICAS Tax Professional